Spike in unemployment signals recession in job market

The sharp rise in the unemployment rate is a strong sign of recessionary conditions according to analysis in today’s Jobs Picture by EPI senior economist Jared Bernstein. It is not likely to be a statistical aberration, but an accurate reflection of the weakening job market.

“Whether or not we are in the midst of an official recession, the nation’s economy has been growing well below its potential for the past six months,” said Bernstein. “The first order of business must be to ensure a durable safety net to catch the rising number of persons stuck in unemployment by extending unemployment insurance benefits.”

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